16 September 2016
Sydney, 15 September 2016: The Australian Bankers’ Association has welcomed the Australian Securities and Investments Commission’s guidance on customer remediation programs released today.
“We are pleased that ASIC has confirmed in its guidance that remediation programs can apply to all financial advice and products,” ABA Executive Director – Retail Policy Diane Tate said.
“It is important that customers who are impacted by inappropriate advice are treated in a consistent way, irrespective of the type of advice received or the financial product.
“For example, remediation programs can apply in relation to basic banking products, not just with financial advisers giving advice on complex products,” Ms Tate said.
ENDS
Contact: Stephanie Arena 0477 470 677
@austbankers
bankers.asn.au
Latest news
The ABA welcomes today’s passage through the Parliament of the Cash Distribution Framework Bill 2026, an important safety net shoring up the ongoing distribution and availability of cash across the economy. ABA CEO Simon Birmingham said banks continued to support customers who choose to use cash and this regulatory framework would provide greater certainty for… Read more »
The ABA welcomes the commitment today by the Assistant Treasurer and Financial Services Minister Daniel Mulino to make the Compensation Scheme of Last Resort (CSLR) more sustainable by reducing the losses and costs associated with it. ABA CEO Simon Birmingham said changes to the CSLR must help contain losses that generate claims and place the… Read more »
Small businesses are benefiting from more favourable lending conditions thanks to stronger competition, as the full extent of banking support for these businesses is laid out in a new report released today by the Australian Banking Association. The ABA’s latest industry report focusing on small and medium businesses finds: ABA CEO Simon Birmingham said the… Read more »